The Bank today increased its QE programme by a shock £75bn in a bid to kick-start the UKís ailing economy. Previously only £50bn had been discussed as a possible rise. It is the first time the Bank has issued QE under the coalition government. The first round - which pumped £200bn into the economy - happened under Labour.

ln 2009 Osborne, then shadow Chancellor, slammed Labour Chancellor Alistair Darling's emergency plan to print more money. Osborne said at the time: "The very fact that the Treasury is speculating about printing money shows that Gordon Brown has led Britain to the brink of bankruptcy.

"Printing money is the last resort of desperate governments when all other policies have failed.

Funny when things change though. Before losing the AAA rating it was the most important thing to judge the country's economy by; as soon as we lose it then it's relevance suddenly disappears in a puff of spin.

It was all the Tories ever harped on about wan't it?

'Credit rating, credit rating, credit ratin.... etc etc'

'Labour will lose us our precious credit rating....'

Well, well, look who really did go an lose us our credit rating. Not only that, they asked us personally to categorically judge their economic capability on them keeping or losing it.

The Bank today increased its QE programme by a shock £75bn in a bid to kick-start the UKís ailing economy. Previously only £50bn had been discussed as a possible rise. It is the first time the Bank has issued QE under the coalition government. The first round - which pumped £200bn into the economy - happened under Labour.

ln 2009 Osborne, then shadow Chancellor, slammed Labour Chancellor Alistair Darling's emergency plan to print more money. Osborne said at the time: "The very fact that the Treasury is speculating about printing money shows that Gordon Brown has led Britain to the brink of bankruptcy.

"Printing money is the last resort of desperate governments when all other policies have failed.